PART 10Guarantees
Specified amount: reduced amounts and waivers in relation to comprehensive guaranteesI199
1
HMRC must approve a reduction in the specified amount in relation to a comprehensive guarantee to 50% of the amount determined under regulation 98(1)(b) if satisfied that the person authorised to give the comprehensive guarantee—
a
draws up accounts in accordance with generally accepted accounting practice;
b
maintains reliable business records;
c
is solvent;
d
has in the preceding three years discharged any liability to pay—
i
import duty; and
ii
EU customs duty under the EU Customs Code as it had effect before exit day; and
e
has sufficient financial resources to meet the liability or potential liability not guaranteed by the reduced comprehensive guarantee.
2
HMRC must approve a reduction in the specified amount in relation to a comprehensive guarantee to 30% of the amount determined under regulation 98(1)(b) if satisfied that the person authorised to give the comprehensive guarantee—
a
meets the conditions in paragraph (1); and
b
maintains procedures to ensure that HMRC are notified of any breach of any Customs obligation.
3
HMRC must approve a waiver to the requirement for a comprehensive guarantee in relation to a potential liability to pay import duty if satisfied that the person authorised to give the comprehensive guarantee—
a
meets the conditions in paragraphs (1) and (2)(b);
b
allows HMRC officers access to all electronic and physical information systems maintained by that person;
c
maintains a logistical system that identifies chargeable goods and domestic goods and their location;
d
where the liability relates to agricultural goods, has satisfactory procedures to ensure compliance with any relevant regulatory obligation in relation to agricultural goods;
e
has satisfactory procedures in relation to archiving records; and
f
maintains satisfactory computer system security measures.
4
A person authorised as an authorised economic operator is treated as meeting the conditions in paragraphs (2) and (3).
5
In this regulation, “generally accepted accounting practice” has the meaning given in section 1127 of the Corporation Tax Act 2010 M1.